I don't have a megacheck - I don't know where you work - but no megachecks here these days.

I am not a whiner nor spoiled, just want to be sure that I can be compensated for my work and not be at the mercy of any number of arbitrary situations that might prevent this

a closer dropping the ball
so if it doesn't close should you get paid anyway?
an investor not liking an appraisal
right...so you get paid even if it's not a good loan?
fed-ex losing a package
What package could they lose that would mean the loan doesn't get sold?
an investor going out of business

a pre-purchase auditor asking for information I cannot get

If this is what I have to deal with, I will go back to being a Mary Kay lady!!!!!!!!!!!!!!

Amen to T - let's get rid of all the lo's and see how much everyone else gets paid

again, LO's have far to high an opinion of themselves and their role. But I already said they are part of the TEAM. How many loans could you do if you didn't have processors, underwriters, closers, secondary, postclosing. What you want is to get paid just for bringing an app in - if the company can't sell the loan, tough.

again, LO's have far to high an opinion of themselves and their role. But I already said they are part of the TEAM. How many loans could you do if you didn't have processors, underwriters, closers, secondary, postclosing. What you want is to get paid just for bringing an app in - if the company can't sell the loan, tough.

I believe in teamwork but I usually see these statements tied to the guy making his six figures while convincing the others it's better to process out of India and wait for their "teamwork" check to pay the bills.

Loan officers are the life blood of the industry, in my opinion, because they definitely bring home the bacon, so to speak. That's true whether they are your own retail loan officers or a loan officer of one of your wholesale accounts. However, EVERYONE must realize that the organization must function as a team, working together.

The decision to more properly align loan officer and wholesale account executive (and sales management in both channels) compensation with the overall goal of the team as well as with the company's cash flows should not create an "us versus them" mentality. On the contrary, everyone then is incented to work together to achieve the mutual goal of the team, which succinctly stated, is to deliver a high quality loan to investors via a manufacturing process and corporate culture that has efficiency and total quality management / six sigma at its core. Inherent in the TQM / six sigma mentality is that there is always room for improvement and it is eternal process improvement that the group and the overall organization should continually strive for.

Regarding the dividing line in compensation between sales versus operations, sales has a greater upside with their commission-based structure and inherently accepts greater risk to go after that greater reward. Non-sales employees that are compensated hourly or on salary do not have the same upside, but enjoy a different sense of security with respect to their income. When one makes the career decision to join up with either sales or operations, he or she is picking a point on the risk / reward continuum that hopefully best suits their individual lifestyle situation. It's not that either one is good or bad; it's just that some are better suited for sales and others for ops.

ALL are members of a team that must work together and show mutual respect, becase it takes everyone pulling together to succeed.

Final note: I personally feel that "empty suit management" is a species that should be hunted for sport. But good management should provide the leadership and expertise to set the vision and guide the organization toward achieving its goals, and ultimately, greatness within its peer group.

My $0.02.

_________________"When they came for everyone else, I said nothing. Then, when they came for me, there was no one left to listen."

I worked for the same company for SEVEN years, and one day I showed up to the office and received this email.

Quote:

"It is with a sad heart that I must announce the immediate closure of Realty Mortgage Corporation. This decision has not come lightly or easily for either Tommy and I. Therefore we will discontinue the funding of loans immediately. Additional information will be disseminated through your respective managers and via mailings to your home address."

Come to find out this email went out in December, but the employees were not made aware of it.

Quote:

"If we do not clean up our act we are really not going to have to worry about it because our investors are now tracking weekly our loans to see if they are insured within 30 days and we are spending time putting together reports on why we are not meeting our deadlines. Since this has been an ongoing problem, we have now been put on Countrywide and Chase's Executive's Watchlist. I think you all know this is our two largest investors and if they go away so do we."

So don't talk to me about loyalty. All my loyalty got me was an email, but guess who got their final paychecks? The hourly employees...

Trust me I know how valuable a good staff is, but I don't think its fair for everyone else to get paid in a timely manner except for the person who brought the money in in the first place.

I donât know anything about your company (or you) other than what I have read in your recent lectures (in a good way).

I usually just âlistenâ in these forums to people whine, moan, and opinionate about whom is doing what, how, and why, but youâve inspired me to come out from behind the proverbial curtain to write a few words.

Although I applaud your frequent post (rebuttals), I donât think you should have to justify, nor defend your company practices. The mere fact that youâre in business should serve as an adequate response. Itâs been said before, if you're not being sued by someone, then you must be doing something wrong. It sounds to me you are doing the right things. Anyone that is a Mortgage Banker in this market would agree as well. I tip my hat!

Thatâs my 1 cent. (I normally would say 2 cents, but we are in a recession so I put the other penny in the bank)

I donât know anything about your company (or you) other than what I have read in your recent lectures (in a good way).

I usually just âlistenâ in these forums to people whine, moan, and opinionate about whom is doing what, how, and why, but youâve inspired me to come out from behind the proverbial curtain to write a few words.

Although I applaud your frequent post (rebuttals), I donât think you should have to justify, nor defend your company practices. The mere fact that youâre in business should serve as an adequate response. Itâs been said before, if you're not being sued by someone, then you must be doing something wrong. It sounds to me you are doing the right things. Anyone that is a Mortgage Banker in this market would agree as well. I tip my hat!

Thatâs my 1 cent. (I normally would say 2 cents, but we are in a recession so I put the other penny in the bank)

Respectfully,

Raymond Duquette

Thank you for that, Raymond. I think there is some wisdom in the saying that you have to crack some eggs if you want to make an omelette.

Best of luck to you, my friend.

_________________"When they came for everyone else, I said nothing. Then, when they came for me, there was no one left to listen."

I agree with Raymond. This too is my first post on here... I am a very active blogger on other real estate sites but I have just been sitting on the sidelines watching this forum.

I applaud you for coming out and rolling up your sleeves with us brokers. We all need to hold hands together. None of us are in competition with each other at the moment as brokers are getting squeezed and bankers face liquidity issues.

I am a 17 year vet that has been involved in many sides of this business. I see both liquidity issues and TPO's having no outlets resulting in three or four big banks.... I see it.... It is gaining legs and running faster every single day. The big banks need to be busted up but instead they will be the only ones left. The profits they make will be shared with their business partner - The United States Government..... This business disgusts me lately......

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